Telangana tax revenues for April hit rock bottom

Telangana tax revenues for April hit rock bottom
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Telangana’s tax revenue dipped to nearly Rs.1,080 crore in April as the financial year began with the COVID-induced lockdown which hit the State’s revenues. The State’s total tax revenue in April 2019 was Rs.5,226.90 crore.

According to the Comptroller and Auditor General’s (CAG) report for April 2020, despite the low income, Telangana managed its finances in April with Central assistance and borrowings as it paid Rs.1,580.39 crore towards salaries and wages. Its total tax revenue was Rs.1,700.04 crore, which includes GST (Rs.776.75 crore), Stamps and Registration (Rs.21.40 crore), land revenue (Rs.0.02 crore), sales tax (Rs.193.87 crore), State excise duties (Rs.8.08 crore), State’s share of union taxes (Rs.620.38 crore and other taxes and duties (Rs.79.54 crore).

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The report, released on Tuesday, further shows that the non- tax revenue for April was Rs.275.36 crore and grants in aids and other contributions Rs.1,402.21 crore. The total revenue receipts in April stood at Rs.3,377.61 crore as against the budget estimate of Rs.1,43,151.94 crore for 2020-21.

The total revenue receipts for April were just 2.36 % of the year’s estimate. However, the capital receipts for April 2020 were Rs.5,710.62 crore and borrowings are other liabilities Rs.5,709.23 crore. With the Central assistance and borrowings, the total receipts stood at Rs.9,088.23 crore.  The State’s expenditure on interest payment was Rs  1,109.71 crore. It raised a Rs.1,000-crore SDL on Tuesday.

Source: The New Indian Express

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